Smartkem and Jericho Energy Ventures Extend Letter Of Intent for Proposed All-Stock Merger to Form U.S.-Owned, AI-Focused Infrastructure Company
Smartkem (Nasdaq: SMTK) and Jericho Energy Ventures extended a non-binding Letter of Intent by 60 days on Nov 20, 2025 for a proposed all-stock merger to form a Nasdaq-listed, U.S.-owned AI infrastructure company.
The amendment also extends Smartkem's investment deadline to Dec 31, 2025. The transaction would combine Smartkem's organic semiconductor materials and packaging with Jericho's scalable energy platform to support AI data centers.
The LOI is non-binding, both parties say substantial additional capital is required, and closing remains subject to due diligence, board and stockholder approvals, and Nasdaq continued-listing approval.
Smartkem (Nasdaq: SMTK) e Jericho Energy Ventures hanno esteso una Lettera d'Intenti non vincolante di 60 giorni il 20 novembre 2025 per una potenziale fusione interamente azionaria volta a formare una società di infrastruttura IA quotata su Nasdaq e di proprietà statunitense.
La modifica estende anche la scadenza dell'investimento di Smartkem al 31 dicembre 2025. La transazione potrebbe combinare i materiali semiconduttori organici e l'imballaggio di Smartkem con la piattaforma energetica scalabile di Jericho per supportare i data center di IA.
La LOI è non vincolante, entrambe le parti affermano che è necessario un ulteriore capitale sostanziale e il closing resta soggetto a due diligence, approvazioni del consiglio e degli azionisti, nonché all'approvazione per la quotazione continua da parte di Nasdaq.
Smartkem (Nasdaq: SMTK) y Jericho Energy Ventures extendieron una Carta de Intención no vinculante por 60 días el 20 de noviembre de 2025 para una posible fusión 100% en acciones para formar una empresa de infraestructura de IA listada en Nasdaq y de propiedad estadounidense.
La enmienda también extiende el plazo de inversión de Smartkem hasta 31 de diciembre de 2025. La transacción combinaría los materiales semiconductores orgánicos y el encapsulado de Smartkem con la plataforma de energía escalable de Jericho para apoyar los centros de datos de IA.
La LOI no es vinculante; ambas partes señalan que se requiere capital adicional sustancial, y el cierre sigue sujeto a debida diligencia, aprobaciones de la junta y de los accionistas, y la aprobación de Nasdaq para la lista continua.
Smartkem (나스닥: SMTK)과 Jericho Energy Ventures는 미국 소유의 Nasdaq 상장 AI 인프라 회사를 형성하기 위한 순수 주식 합병 가능성에 대해 비구속적 의향서(LOI)를 2025년 11월 20일에 60일 연장했습니다.
개정안은 Smartkem의 투자 기한도 2025년 12월 31일로 연장합니다. 이 거래는 Smartkem의 유기 반도체 소재 및 포장과 Jericho의 확장 가능한 에너지 플랫폼을 결합하여 AI 데이터 센터를 지원하는 것을 목표로 합니다.
LOI는 비구속적이며, 양측은 상당한 추가 자본이 필요하다고 말하고, 종결은 실사, 이사회 및 주주 승인, Nasdaq의 상장 지속 승인에 달려 있습니다.
Smartkem (Nasdaq : SMTK) et Jericho Energy Ventures ont prolongé de 60 jours une lettre d'intention non contraignante du 20 novembre 2025 en vue d'une fusion par échange total d'actions pour former une société d'infrastructures IA cotée au Nasdaq et détenue par les États‑Unis.
L'amendement proroge également la date limite d'investissement de Smartkem au 31 décembre 2025. La transaction combinerait les matériaux semi-conducteurs organiques et l'emballage de Smartkem avec la plateforme énergétique évolutive de Jericho pour soutenir les centres de données IA.
La LOI est non contraignante; les deux parties indiquent qu'il faut des capitaux supplémentaires importants, et la clôture reste soumise à la due diligence, aux approbations du conseil et des actionnaires, ainsi qu'à l'approbation de Nasdaq pour la cotation continue.
Smartkem (Nasdaq: SMTK) und Jericho Energy Ventures haben eine unverbindliche Absichtserklärung um 60 Tage verlängert am 20. November 2025 für eine vorgeschlagene reinaktienbasierte Fusion, um ein an der Nasdaq notiertes, US-amerikanisch besessenes KI-Infrastrukturunternehmen zu bilden.
Die Vereinbarung erweitert auch die Investitionsfrist von Smartkem bis zum 31. Dezember 2025. Die Transaktion würde Smartkems organische Halbleiter-Materialien und Packaging mit Jerichos skalierbarer Energiplattform kombinieren, um KI-Rechenzentren zu unterstützen.
Der LOI ist unverbindlich; beide Parteien geben an, dass erhebliche zusätzliche Kapital erforderlich ist, und der Abschluss hängt weiterhin von Due Diligence, Genehmigungen des Vorstands und der Aktionäre sowie der Nasdaq-Genehmigung für das Weiterlisting ab.
Smartkem (ناسداك: SMTK) و Jericho Energy Ventures مدّتا رسالة نوايا غير ملزمة لمدة 60 يومًا في 20 نوفمبر/تشرين الثاني 2025 لاندماج مقترح قائم كليًا بالأسهم لتشكيل شركة بنية تحتية للذكاء الاصطناعي مدرجة في ناسداك ومملوكة من الولايات المتحدة.
كما تُمدد التعديلات الموعد النهائي لاستثمار Smartkem إلى 31 ديسمبر/كانون الأول 2025. ست Combine هذه الصفقة مواد أشباه الموصلات العضوية والتغليف لدى Smartkem مع منصة Jericho للطاقة القابلة للتوسع لدعم مراكز بيانات الذكاء الاصطناعي.
تظل LOI غير ملزمة؛ تشير كلتا الطرفين إلى أن رأس المال إضافيًا كبيرًا مطلوب، ويظل الإغلاق رهين إجراء العناية الواجبة، وموافقات المجلس والمساهمين، وموافقة ناسداك للإدراج المستمر.
- LOI extended by 60 days
- Smartkem investment deadline moved to Dec 31, 2025
- Proposed merger targets a Nasdaq-listed, U.S.-owned AI infrastructure company
- LOI is non-binding with no assurance of a deal
- Both parties require significant additional capital to complete transaction
- Closing contingent on due diligence, board and stockholder approvals, and Nasdaq approval
Insights
Non-binding LOI extended 60 days; merger remains possible but uncertain pending financing, due diligence, approvals, and an investment deadline of
The agreement extends a non-binding Letter of Intent between Smartkem and Jericho Energy Ventures to pursue an all-stock combination that would combine semiconductor materials with a scalable energy platform aimed at AI infrastructure. The parties frame the deal as creating a U.S.-owned AI infrastructure company that pairs low-cost domestic energy with semiconductor packaging and materials.
Key dependencies create significant execution risk. The LOI is non-binding, both parties state they need substantial additional capital, and closing requires definitive agreements, due diligence, board and stockholder approvals, and continued Nasdaq listing approval. These facts limit near-term certainty and preserve downside until conditions are satisfied.
Watch the extended investment deadline of
Proposed all-stock transaction aims to align JEV's scalable energy platform with Smartkem's semiconductor innovations to power next generation AI data centers
MANCHESTER, England, Nov. 20, 2025 /PRNewswire/ -- Smartkem, Inc. (Nasdaq: SMTK), ("Smartkem"), a company developing a new class of organic semiconductor technology, today announced that it has agreed to a 60-day extension of its non-binding Letter of Intent ("LOI") for a proposed all-stock business combination (the "Proposed Transaction") with Jericho Energy Ventures Inc. (TSX-V: JEV, OTC: JROOF) ("Jericho" or "JEV"), an energy innovation company. The amendment to the LOI also extends the deadline by which Smartkem is required to invest in Jericho to prevent Jericho from having the right to terminate the LOI to December 31, 2025. The other terms of the LOI remain unchanged.
As previously disclosed, if completed, the Proposed Transaction would establish a Nasdaq-listed, U.S.-owned and controlled AI infrastructure company that integrates low-cost domestic energy with advanced semiconductor packaging and materials to support the rapidly growing demand for AI compute capacity.
EXECUTIVE COMMENTARY
Ian Jenks, Chairman & CEO of Smartkem
"We are pleased to extend the LOI as both teams are committed to working towards a transaction that could unlock meaningful value across the rapidly converging energy and AI sectors. We believe the opportunity to integrate Smartkem's world-class semiconductor materials with JEV's scalable energy platform represents a compelling strategic path forward."
Brian Williamson, CEO of Jericho Energy Ventures
"Extending the LOI reflects the continued enthusiasm between JEV and Smartkem to progress with the proposed merger to create a U.S.-owned AI infrastructure company that brings together JEV's energy innovation and Smartkem's semiconductor capabilities. We look forward to discussions toward a definitive agreement."
Anthony Amato, Strategic Advisor to Smartkem
"This extension indicates the significant potential that both parties see in combining the complementary capabilities of JEV's energy platform with Smartkem's semiconductor technology to meet the power and performance needs of next-generation AI infrastructure."
The LOI is non-binding, and there can be no assurance that Smartkem and Jericho will ultimately enter into a definitive agreement for the Proposed Transaction, that the Proposed Transaction will be consummated, or as to the timing or ultimate terms of any Proposed Transaction that may occur. Both Smartkem and Jericho will need significant additional capital to complete the negotiation of the Proposed Transaction, obtain any required stockholder approvals and ultimately complete the Proposed Transaction. The closing of the Proposed Transaction would be subject to significant closing conditions, including the negotiation of the definitive agreement, the satisfactory completion of due diligence, required board and stockholder approvals, and approval of continued listing by Nasdaq.
About Smartkem
Smartkem is seeking to change the world of electronics with a new class of transistors developed using its proprietary advanced semiconductor materials. Our TRUFLEX® semiconductor polymers enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost, high-performance displays. Our semiconductor platform can be used in a range of display technologies including MicroLED, LCD and AMOLED, as well as in applications in advanced computer and AI chip packaging, sensors, and logic.
Smartkem designs and develops its materials at its research and development facility in Manchester, UK and operates a field application office in Hsinchu, Taiwan, close to collaboration partner, The Industrial Technology Research Institute (ITRI) where it provides prototyping services. Smartkem is developing a commercial-scale production process and Electronic Design Automation (EDA) tools to demonstrate the commercial viability of manufacturing a new generation of displays using its materials.
The company has an extensive IP portfolio including 140 granted patents across 17 patent families, 14 pending patents and 40 codified trade secrets.
For more information, visit the Smartkem website or follow on LinkedIn.
About Jericho Energy Ventures (JEV)
Jericho Energy Ventures (JEV) is uniquely positioned at the nexus of energy and AI infrastructure. Leveraging our long-producing oil and gas joint venture assets and robust Oklahoma infrastructure, we are deploying scalable, on-site power solutions to build cutting-edge build-to-suit AI Data Centers. With direct access to abundant, low-cost natural gas, we deliver efficient, high-performance energy solutions -- reducing waste, maximizing output, and unlocking long-term value in the rapidly converging AI and energy markets.
At JEV, our mission is clear: to innovate relentlessly, optimize energy resources, and power tomorrow's breakthroughs, one bold step at a time.
For more information, visit the JEV website or follow on LinkedIn.
No Offer or Solicitation
This press release does not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the Proposed Transaction. This press release also does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Forward-Looking Statements
The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Smartkem's ability to (i) satisfy the requirements of the LOI, including obtaining the necessary additional capital required to purchase Jericho common shares, (ii) negotiate a definitive agreement for the Proposed Transaction on the terms set forth in the LOI, (iii) satisfy the conditions precedent to the Proposed Transaction, including the receipt of any required stockholder or Nasdaq approval, (iv) consummate the Proposed Transaction on the terms set forth in the LOI, or (v) obtain the capital necessary to complete the negotiation and consummation of the Proposed Transaction. These statements are based on various assumptions and on the current expectations of Smartkem's management and are not predictions of actual performance. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Smartkem. These forward-looking statements are subject to a number of risks and uncertainties, including: Smartkem's ability to enter into a definitive agreement with respect to the Proposed Transaction or consummate a Proposed Transaction; the risk that Smartkem will not be able to obtain sufficient additional capital to make the required investment in Jericho common shares or to negotiation and consummate the Proposed Transaction; the risk that the approval of Smartkem's stockholders or Nasdaq for the Proposed Transaction is not obtained; failure to realize the anticipated benefits of the Proposed Transaction, including as a result of a delay in consummating the Proposed Transaction or difficulty in integrating the businesses of Smartkem and Jericho; those factors discussed in Smartkem's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 under the heading "Risk Factors," and other documents of Smartkem filed, or to be filed, with the Securities and Exchange Commission. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Smartkem presently does not know or that Smartkem currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Smartkem's expectations, plans, or forecasts of future events and views as of the date hereof. Smartkem anticipates that subsequent events and developments will cause Smartkem's assessments to change. Smartkem specifically disclaims any obligation to update such forward-looking statements unless legally obligated to do so. These forward-looking statements should not be relied upon as representing Smartkem's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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SOURCE SmartKem, Inc.
